Backwards Consider the following iron ore projects, both around 500 million tonnes, but with differences in total iron content and sulphur/phosphorus levels (deleterious elements which must be reduced from the final product).
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Project A: 31% iron content, 0.3% sulphur, 0.04% phosphorus.
Project B: 26% iron content, 0.7% sulphur, 0.2% phosphorus.
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Which would be your flagship project? Project A of course! Project B is relatively low-grade ore, and will have to employ sulphur flotation, or another expensive process, to reduce sulphur from its concentrate product. Sulphur poisons the steel-making process.
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Project A is Tuktu. Project B is Roche Bay. AXI has its priorities backwards. Tuktu is a good discovery. Roche Bay is a piece of junk that Roche Bay plc pawned off on AXI, rather expensively.